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When Griddy Wholesale Electricity Prices Spiked – What We Learned

August 16, 2019 Published by Categorized in: , Tags: , , , ,

This past week proved a couple of facts everyone should know about Texas electricity prices.

 

First: Summers in Texas are hot. Actually, they get REALLY HOT.

 

Second: When Texas weather gets hot, Texas wholesale electricity prices can go SKY HIGH.

 

What Happened This Week

 

If you are a customer of Griddy on a rate indexed to real-time wholesale electricity prices (or and (or you’re on a variable month-to-month rate with a traditional retail electricity supplier), you will likely get hit with an extraordinarily high electricity bill this month or next. Why? Because during the week of August 12th, 2019, the wholesale price of a megawatt-hour of electricity soared into the thousands of dollars, and it even briefly hit $9,000 per MWh on Tuesday, August 13th, 2019.

 

That translates into a per-kWh rate of $9.00. Yes that’s right. $9.00 per kWh!

 

For perspective, the average rate Texans pay for electricity is just over 11 cents per kWh. At $9 per kWh, that’s almost 90 times the average, meaning it would cost you nearly $1/hour to use a single 100-watt light bulb. That’s crazy!

 

Can you imagine the cost to run the air conditioner, do your laundry, or run your pool pump? OMG!

 

A Simple Solution

 

It’s pretty straightforward: Do not leave yourself exposed to a wholesale or month-to-month variable rate. Instead, you should sign up for a low fixed-rate electricity plan with a reputable retail electric provider. On a fixed rate contract, you know exactly what you will be paying, and you aren’t exposed to the extreme volatility of Texas electricity prices.

 

If you need some help finding the best plan for your home, let PowerWizard.com help you.

 

Power Wizard.com uses advanced technology to automatically compare hundreds of Texas electricity plans to find the best one for you and your home. Our analysis is completely unbiased because we work for you, not the energy companies. Right now, we are running a free one-year trial so you can check out our service with absolutely no cost to you.

 

Check us out and give us a try. We can probably save you hundreds of dollars on your annual electricity bill.

 

PowerWizard.com – A better way to shop for electricity.

 

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